April 05, 2024 [Reuters]- Oil India  plans to start its 180,000 barrels per day (bpd) Numaligarh refinery in the northeastern state of Assam by December 2025, its chairman Ranjit Rath said on Wednesday.

The company will set up a trading desk as the refinery would process 110,000 bpd of imported crude, Rath said, adding that the remaining crude requirement would be met through local production.

Oil India, which operates exploration and production assets mostly in the northeastern part of the country, would export refined fuels to Bangladesh from the Numaligarh refinery, he said.

Oil India’s production rose to a record 6.5 million ton oil equivalent (mtoe) last fiscal year from 6.36 mtoe in fiscal 2023, Rath said.

The company is looking to further raise its output and would spend 135 billion rupees ($1.62 billion) in the current fiscal year, up from 115 billion rupees in the previous year, he said.

Oil India aims to drill 61 wells this fiscal year compared to 45 in 2023/24, he added.

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